Friday, August 31, 2012

Business Consulting | Bank and credit card statements for small ...

Unternehmens-or business bank account

You have registered your company. Youve found cosy place perfect for your customers. You have set your employees. After a gruelling time on your business start to work, the dust has finally settled. Bank and credit card statements. For small businesses, bank statements and credit card serve as the Foundation for the records. It is therefore imperative that these two accounts get separated from your personal account.

Open a separate bank account for your company. Use for all business banking. A personal account for business use experiments, as this practice increases see to avoid the risk of elements.

The company or business credit card

Get you a separate credit card are used exclusively for your business (it is a personal card, but other than the card you use for personal transactions). Documents should be submitted regularly preferably type in files by cost. This facilitates the accounting is based on the monthly credit card statements.

Cash transactions. All elements that painted should be paid in cash and kept receipts. Ideally, expenses should be paid out of your pocket or personally summarizes and reimbursed the company by means of an expense report. The form should display detailed description of costs. It should be kept a separate envelopes or folders where items paid in cash, in order to facilitate the accounting.

Home office expenses. Personally paid for items such as rent or mortgage, interest, utilities, insurance, repairs, if property taxes, condo fees, etc. counted or at least closely estimated that the correct calculation allow the business use of the home/Mietaufwand. Home Office space should be calculated at the beginning of the company.

Vehicle use. Car use should be pursued to identify and collect information on all business travel. You should be driven use share and miles able to calculate and estimate of the business.

Vehicle-related costs. All vehicle costs including interest on loan, leasing rate, car depreciation and capital cost allowance, gas, repairs, insurance license, are CAA etc deductible expenses proportionately but need to be based on the percentage of business use. It is therefore important to track all costs of the car operations. Parking is usually 100% deductible.

Expenses for telephone and communication. Long distance telephone should be followed, to allocate claims. Separate business phone, cell phone, Internet bills all deductible. Bills for home phone lines are not eligible.

Document-holding. All source documents should be submitted according to the effort to facilitate type or supplier location question should arise or if not sufficient Bank and credit card records. This must be made, as a monthly breakdown; annual submission is in order.

Company to the end of the year. Defining fiscal year Corporation is flexible while the first year of operations not default of the end of the tax year is required, until the first tax returns are submitted. Unincorporated area entities to the end of the year. For self-employed, sole proprietorships and partnerships, it is a calendar at the end: 31 December. If you are entitled to an individual, you may use an alternative method of reporting your business income, can the financial period as a calendar to the end of the year, but you must a reconciliation of business income for tax purposes for the calculation of the amount report your tax return personal to the end of the year make.

Corporate profits. It makes sense to leave excess revenue to the company. It offers opportunity, lower tax rates (about 15.5% for income for small business deduction generally up to $500,000) to pay, while it remains in the books of the company on the taxable income. Personal taxes are only imposed and payable, if funds are actually paid the holder/s in the form of dividends and/or content. Rates have been designed that to ensure that total company plus personal taxes never regular personal taxes exceed the fair taxation through the different business structures (company, sole proprietorship or partnership).

Incorporation to business structure. In determining whether integrated or remain unincorporated community, from point of view of taxation, considerations need to be made regarding the possibility of the size, family, income (the unincorporated structure encouraged), split short-term losses, estate planning and other considerations.

Source: http://www.siouxfallsscore136.org/bank-and-credit-card-statements-for-small-companies-bank.html

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